Industrial Development Bank of India, IDBI Bank Ltd., a leading provider of complete range of retail and corporate banking services to its clients and a company within the meaning of the Companies Act, 2013, has majority shareholding by Government of India.
Industrial Development Bank of India Established in 1964 by an Act of Parliament, Industrial Development Bank of India (IDBI) provides credit and other financial facilities for the development of the fledgling Indian industry.
Recruitments in Industrial Development Bank of India are strictly on all India basis by open competition. IDBI has not hired or authorized any agency or organization or any individual to recommend or recruit any personnel on its behalf or collect any money or commission or charges for recruitment or training or coaching, etc.
Development Banking emerged after the Second World War and the Great Depression in 1930's. The demand for reconstruction funds for the affected nations compelled in setting up of national institutions for reconstruction. At the time of Independence in 1947, India had a fairly developed banking system.
The Industrial Development Bank of India was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India. In 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India.
A committee formed by RBI recommended the development financial institution (IDBI) to diversify its activity and harmonise the role of development financing and banking activities by getting away from the conventional distinction between commercial banking and developmental banking.
In 2006, IDBI Bank acquired United Western Bank (headquartered at Satara) in a rescue. By acquiring UWB, IDBI Bank more than doubled the number of its branches from 195 to 425.